Soybean Market Turns Higher After Finding Trend-line Support

(AgWeb) –  In the overnight session the grains are trading lower with December corn down ¼ a cent, January soybeans down 2 ¼ cents and wheat down 1 ¾ cents.

Temperatures are expected to be cooler than normal in the 6-10 day outlook for the majority of the grain belt. The precipitation outlook should turn drier than normal over the next 6-10 days.

On Wednesday and Thursday the soybean market turned higher after finding trendline support early this week.

The soybean uptrend started in late August when the Oilseed printed lows and has provided strong support on August 31st, September 12th, early October and again this week.

Soybean export sales beat expectations on Thursday which also helped to lift prices.

Yesterday, Informa announced their latest production estimates, seeing 2017 corn production at 14.410 billion bushels with a yield of 173.4 bushels per acre.

Informa’s Soybean estimate were set at 4.447 billion bushels with a yield at 49.7 bushels per acres.

This compares to the latest FCStone yield of 173.7 bushels per acre for corn and 49.9 bushels per acre for soybeans.

Both private estimates were greater than the latest October USDA estimates which have Corn production pegged at 14.280 billion bushels with yield of 171.8 bushels per acre and USDA soybean production estimates at 4.431 billion bushels with a yield of 49.5 bushels per acre.

On November 9th the USDA will release their latest supply and demand estimates.